ALEXANDRIA, Va. – NCUA on Wednesday reported it approved another dozen mergers for credit union giants, most of them of sick credit unions.
Western FCU, a $1.7-billion Manhattan Beach, Calif., credit union, was approved to acquire two troubled nearby credit unions: $76-million CD FCU and $41-million California Pacific FCU, categorized as in “poor financial condition” by NCUA.
Bethpage FCU, a $4.7-billion Long Island credit union, was approved to merge troubled $6-million UFCW Local 342 FCU. American Heritage FCU, a $1.2-billion Philadelphia credit union, won clearance to acquire troubled $2-million Lower Bucks Hospital FCU.
In addition, $565-million Credit Union of Southern California was cleared to acquire troubled $61-million North Orange County FCU; $850-million Philadelphia FCU was approved to merge ailing New Bethel A.M.E. FCU; and, $1.1-billion Metro CU in Chelsea, Mass., was approved to acquire troubled $72-million Massachusetts State Employees CU.
NCUA also approved mergers for $1.7-billion Langley FCU (of Queen Street Baptist Church FCU); $1.2-billion American Eagle FCU (of $10-million Hartford Postal Employees FCU); $800-million Fox Communities CU (of $20-million Sunrise CU); $715-million Aloha Pacific FCU (of $12-million Hawaii Stevedores’ Castle & Cooke FCU); and, $535-million Justice FCU (of $14-million Georgia Department of Public Safety FCU).